The best employee benefit solutions on the market are ones that are designed to meet the needs of your business and employees. Simply put, if you want to get the right plan for your business, there is no one size fits all solution.
Cookie cutter solutions can't, and indeed won't meet your needs. Here at Pacific Prime, our advisors and support teams take a different approach to employee benefit design. To find the right solution to your business, we take the time to get to know your company, business needs, long and short-term goals, culture, employees, and more.
By taking the time to get to know you, we are able to develop unique employee benefits that will grow with you and support you, no matter what the future brings. Below, is a quick overview of the steps we follow in the employee benefits design process:
One of the first things we do is take the time to get to know your business, employees, and plan history. This helps us not only start the process but also ensure that we are working to develop the best employee benefits solution from the start.
Once we know about your company, we will conduct a review of your existing coverage. This review, based largely on our broker framework, is carried out in a way that allows us to determine existing coverage gaps, and any existing coverage you don't need based on your needs, and provides the starting info which we can utilize to build your plan.
The best employee benefits plans provide coverage not only for today, but also for the future months, and years. One of the first things we will aim to do is to align renewal dates of existing plans. This makes it easier to manage employee benefits and plan for the future. We will also talk about business goals and the benefits that will be needed to support them, and also any changes you would like to make to your existing coverage.
Combining your current situation, your needs, and your future plans, our team will then move on to identify and often innovate an employee benefits solution for you. As every business is different, we encourage our advisors to truly innovate with plans and identify insurers who are best able to meet your needs. This is especially true if your company plans to make changes to business units or existing coverage.
An often overlooked step of employee benefit design is the actual implementation of the plan. In many cases, there will be coverage changes. These changes, whether they be of insurer, benefits additions, benefit reductions, coverage area, etc., need to be communicated clearly to all staff, some of whom might not be overly receptive. Our team helps you prepare for this and often are the ones who conduct the overview sessions and change communication.
This is also an important step, as it sets out who will be responsible for what after the implementation of the plan. Having a clearly designed account management structure can be a valuable asset as it helps to ensure that changes are made promptly and your plan remains useful.
The final stage of the employee benefit design process is the review. Our teams regularly review every plan we implement to ensure that it is still working. In fact, and in truth, plan design is never fully finished. Coverage needs and operating conditions will change over time and by having regular reviews, we can ensure that your benefits change with you.
Need more information?
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